WALNUT CREEK, CA-MetLife has acquired Treat Towers, a two-building, 10-story, class-A, LEED-EB Gold-certified office complex here, from an Equity Office Properties joint venture. MetLife declined to reveal the sale price to GlobeSt.com, but industry sources unrelated to the deal say it is rumored to be $130.4 million. Located at 1255 and 1277 Treat Blvd., the property comprises 378,000 square feet.
The acquisition marks an expansion of MetLife’s investment portfolio into the San Francisco Bay Area. Joel Redmon, Jacqueline Denning and Leslie Smith of MetLife’s San Francisco regional office led the acquisition effort, and HFF represented the seller in the transaction. According to Denning, “Treat Towers is an outstanding asset. This property fits very well with our strategy of buying and holding core assets in top-tier markets. We’re pleased to be able to add Treat Towers to our strong, well-diversified portfolio of commercial real estate.”
The buildings, which are connected by a plaza, are located near Interstate 680 and provide direct access to extensive public and private transportation. Within one block of the Pleasant Hill/Contra Costa Centre BART station, the property also contains a parking facility with six levels of covered parking to serve more than 1,100 vehicles. On-site amenities include a fitness center, conference center with a fully equipped training room and a professional board room, an ATM in both buildings, banking facilities and a full-service caf
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
